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NatWest cuts rates for switchers as Ipswich BS returns to high LTVs

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  • 10/09/2020
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NatWest cuts rates for switchers as Ipswich BS returns to high LTVs
NatWest is to shake up rates for both residential and buy to let customers switching deals, as Ipswich building society returns to high loan to value (LTV) lending.

 

NatWest is to cut rates by up to 50bps and 55bps across its two and five-year residential deals respectively.

At the same time, reductions of up to 35bps and 50bps are being enacted across the lender’s two and five-year buy to let deals.

Changes take effect from 11 September.

Mark Bullard, head of sales at NatWest, said: “These changes have further enhanced our strong product transfer process and I’m delighted that we have been able to make sizeable rate reductions across both two and five-year deals and a variety of LTV bandings.”

 

Ipswich reintroduces 85 per cent LTV deals

Ipswich Building Society is bringing back residential deals at 85 per cent LTV, as well as reinstating lending on homes worth more than £1m as part of a raft of changes.

The society said it had withdrawn products earlier in the year, after receiving a record number of applications.

The lender is now offering a two-year fixed rate at 2.99 per cent, and a five-year fixed rate of 3.75 per cent, both at 85 per cent LTV.

The deals have an application fee of £199 and completion fee of £800.

Buy to let and expat buy to let deals are available at 80 per LTV, as well as holiday let mortgages.

Richard Norrington, chief executive at Ipswich Building Society, said: “We’ve been keeping a keen eye on the market and taken careful consideration over the appropriate time to re-enter.

“It is important we introduce and maintain a suitable range of products which enable us to uphold our service standards.

“We’re particularly pleased to be offering 85 per cent loan-to-value residential mortgage products as part of a stepped re-entry into the higher LTV market, with a view to returning to 90 per cent lending in the future.

“We especially hope to be able to help first time buyers, many of whom have had their plans put on ice during the pandemic instead of realising their property-ownership dreams.”

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